Thursday, October 06, 2022
Outlook India
Outlook Business

KKR-backed Virescent in final discussion to acquire 100MW solar assets from Jakson Group

Virescent's asset under management as of March 31, 2022, stood at around Rs 3,850 crore, which will go to Rs 4,250 crore with the Jakson acquisition

KKR-backed Virescent in final discussion to acquire 100MW solar assets from Jakson Group
Virescent Renewable Energy Trust

Press Trust Of India

POSTED ON September 02, 2022 7:26 PM

Global investment firm KKR-backed Virescent Renewable Energy Trust is in the advanced stages of discussion to acquire 100MW solar assets from Jakson Group. The 100MW portfolio comprises three operational solar power projects in Uttar Pradesh and Rajasthan. It has a power purchase agreement (PPA) with NTPC Vidyut Vyapar Nigam Ltd and Uttar Pradesh Power Corporation for 25 years.

Headquartered in Mumbai, Virescent was established to acquire operating assets and leverage investment opportunities in the fast-growing renewable energy sector. It is the only infrastructure trust (InvIT) in India in the renewable energy space, it said in a statement. The company completed the acquisition of one of the three projects—a 12.4 MW project at Lalitpur—earlier this month.

Jakson Group owns and operates around 200MW of solar portfolio across four projects. It had recently announced the commissioning of a 70MW project in Assam. It recently announced its new venture Jakson Green Pvt Ltd (JGPL), which will focus on green energy.

"With the conclusion of this transaction, VRET (Virescent) will come closer to its aim of achieving a 1.5GW portfolio of assets in the initial phase of its growth over the next two-three years. Virescent will expand its diversified portfolio of operational renewable energy assets by identifying investment opportunities that have stable cash flows stemming from long-term contracts with state and central government-owned power utilities across India," the company's spokesperson stated.

Earlier, Virescent had acquired assets from Shapoorji, Focal Sindicatum, Godawari Power and Ispat. The Jakson acquisition would take Virescent's total operational solar capacity to 600MW.

The AUM (asset under management) of Virescent as of March 31, 2022, stands at around Rs 3,850 crore. This will go to Rs 4,250 crore with Jakson acquisition. 

  • Related Articles

    Founded in 2017, Bike Bazaar caters to providing financial services to two-wheeler customers. The platform also has a facility to provide loans for used two-wheelers and electric two-wheelers

    Bike Bazaar Raises Rs 170 Crore In New Funding Round Led By WAM: Report

    The start-up funding has been the highest in June this year, with July being the worst month over the last 17 months for funding for Indian start-ups

    No Change In Indian Start-Up Funding In August, Deals At Lowest So Far This Year: Report

    Start-up founder Shantanu Deshpande went on the defensive after receiving ‘hate’ from social media users on the accusation of promoting a toxic workplace culture

    Social Media, HR Gurus Take On Bombay Shaving Company CEO On 18-Hour Workday Post